US private equity firm Energy Capital Partners has confirmed a final closing of its third fund on $5.043bn in commitments, surpassing its $3.5bn target.
Energy Capital Partners III brings the firm’s total cumulative commitments to $13bn, having raised Fund I at $2.25bn in 2006, Fund II at $4.335bn in 2010 and a mezzanine credit lending vehicle of $805m in 2013 as well as co-investment capital participating in seven individual Energy Capital investments.
Fund III was launched in July 2013 and raised in eight months, attracting a base of over 300 limited partner investors from North America, South America, Europe, Asia and the Middle East.
The first closing was held in late December and the fund recently sealed its first investment, the acquisition of Nesco Holdings, a specialty equipment rental company to the electric utility industry.
Energy Capital focuses its private equity investments on control situations in the North American energy sector with a concentration in the power generation and the midstream oil and gas sectors.
The firm also focuses on related energy and environmental service and equipment businesses that are directly related to these two core areas of asset focus. The mezzanine debt fund focuses on the same energy sectors in providing highly customized lending solutions for middle market energy borrowers in support of their growth initiatives.
UBS Securities served as placement agent for Fund III.
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